Pegbio, a China-based diabetes and obesity drug developer backed by pharmaceutical firm Tasly, has raised about RMB800m ($122m) in funding, DealStreetAsia reported yesterday, citing a company post on WeChat.
Private equity firms YF Capital and Yingke PE co-led the round with life sciences investment firm TF Capital, investing alongside Qianhai FoF, Zhongxin Huihai Investment Fund Management, YuanBio Venture Capital and Yuanfeng Capital.
Founded in 2008, Pegbio is developing therapeutics for chronic disorders such as diabetes, fatty liver, constipation, cardiovascular disease and gout. Its lead product candidate, a treatment for diabetes, is in phase 3 clinical trials.
The capital will support the progress of the company’s drug pipeline and is intended to be the last funding it raises before filing for a planned initial public offering. Tasly led Pegbio’s last round, a $20m series E in 2017 that was its sixth, according to DealStreetAsia.
Legend Star, conglomerate Legend Holding’s early-stage investment vehicle, is reportedly among Pegbio’s earlier backers, as are Oriza Holdings, Mingxin China Growth Fund and Cowin Ventures.
